<h1>Title</h1>
<ul>
<li><em><a href="http://example.com">Python in Markdown</a> by some
    great folks</em> - This <em>does</em> work as expected.</li>
<li><em><a href="http://example.com">Python in Markdown</a> by some
    great folks</em> - This <em>does</em> work as expected.</li>
<li><a href="http://example.com"><em>Python in Markdown</em></a> by some
    great folks - This <em>does</em> work as expected.</li>
<li><a href="http://example.com"><em>Python in Markdown</em></a> <em>by some
    great folks</em> - This <em>does</em> work as expected.</li>
</ul>
<p><em><a href="http://example.com">Python in Markdown</a> by some
great folks</em> - This <em>does</em> work as expected.</p>